Maduro's regime seeks to strengthen "barter" with India to increase oil sales and circumvent US sanctions

The authorities of Chavez are open to Alternative payment systems with India, such as barter, to boost oil sales to the world's third largest consumer of crude oil.

Venezuela buys a large number of Indian products, including pharmaceuticalsand it is search for alternative payment mechanisms after the imposition of stricter sanctions by the United States against PDVSA, with the aim of limiting oil exports and putting pressure on President Nicolás Maduro for that he resigns.

"Relations with India will continue, trade will continue and we will simply expand all trade and relationships"Venezuelan Petroleum Minister Manuel Quevedo said on Monday at the Petrotech conference, without giving more details on the bartering mechanism with India.

Venezuela's oil production has declined over the past two decades, from more than 3 million barrels a day at the turn of the century to between 1.2 and 1.4 million bpd by the end of 2018. Most of the crude oil it currently produces is heavy or very heavy.the imported products must be diluted.

Venezuela's oil output now stands at 1.57 million barrels a day, Quevedo said.

(With information from Reuters)